Masterclass #18 - Renting Guide - Ontario
Updated: Dec 29, 2020
Renting Guide – Ontario Written by: Bilge Isikdogan Instagram:
Below you will find a very simplified 5 Step way to rent in Ontario.
To talk further in detail you can always book a call with me via: http://calendly.com/bilge-/meeting
1. Work with a realtor, its FREE!
A lot of people think that they have to pay for realtor fees when looking to rent (& buy) in Ontario, but fortunately this is not true. Working with a real estate agent in Ontario is free if you want to rent (or buy). The real estate agents get paid through the landlord (seller). This is why it is best to work with a realtor who has knowledge in the field, can negotiate the deal for you and can write the agreement.
2. Prepare the documents needed!
This step is very important because landlords will require to see documents before renting their space out to you. Here are the most common documents needed to rent: -Photo ID -Letter of Employment (Landlords might request most recent paystubs, cheques as well) -Landlord Reference Letter -Credit report & score from Equifax or TransUnion -NOA (if you are self-employed) In the case that you want to use a guarantor, then they have to provide these documents listed above. There is a 70/30 rule. What is this you might ask. A 70/30 rule indicates that the rent you will pay a month should not exceed 30% of your income a month. When it comes to credit scores it is ideal to have 700+, but don’t let this scare you. If your credit score is lower than 700 due to unforeseen reasons, and you have a good income, your agent can talk to the landlord and make things work! *Get a book of empty cheques from your bank if you do not have any!
3. Research your needs!
It is good to know the area you want to live in, the rent amount that makes financial sense to you, the type of living space that would fit your needs and your future goals. If you are planning on renting on a longer term and do not plan to move out anytime soon, it would make sense to search for a living space that would fit your needs in the longer term. But if you are planning to rent for a short term and move on to another area/home, etc. then it is good to also consider this and make your moves accordingly. Also, if you have children it would be a better option to look for schools and determine your area of choice that way.
4. Put an offer in!
Your realtor will put in the offer for you. With the offer all of the documents you have provided will also be emailed off. In most cases it will take 24 hours to get an answer back (in case they want to call references, etc.), but in some cases it might take more than 24 hours to hear back from the realtor of the landlord.
5. Prepare your move!
Once an offer is accepted, you will in most cases have 24 hours to drop off your first and last rent amount to the listing brokerages office (landlords realtors office)
Before your move in date, you will need to
1. Set up your utilities (if there are any) and
2. Set up tenant insurance. Once these are all complete arrange a day and time to pick up the keys and give the remaining 10 post-dated cheques to the landlord.
And lastly, book a moving company and order your furniture if you need to.
If you are moving into a building you will need to: -Register yourself to the building. -Book an elevator to move in (do this as soon as possible as elevators could be booked if other people are moving in).
*Don’t forget your realtor will help you with all these steps.
For a more detailed conversation, you can always book a call with me via: https://calendly.com/bilge-/meeting
Bilge Isikdogan: Sales Representative
Search Realty/Mortgage Corp., Brokerage
c: 647.802.8069 Bilge@SearchRealty.ca